Samsung, the world’s largest smartphone vendor, has newly ventured into blockchain and cryptocurrency technologies. The company recently invested $2.9 million into a hardware cryptocurrency wallet manufacturer Ledger. It is also reportedly working on an Ethereum-based blockchain network, and a cryptocurrency token of its own called Samsung Coin. Earlier this year, Samsung launched its Galaxy S10 flagship smartphone series with an integrated cryptocurrency wallet called Samsung Blockchain KeyStore. Now some fresh reports suggest that the company plans to bring its crypto wallet and blockchain features to more Galaxy devices in the future.
Blockchain phones: The future?
Blockchain phones are slowly picking up the pace. Sirin Labs and HTC are leading the pack with their Finney and Exodus 1 blockchain smartphones, respectively. HTC even have a second blockchain phone in the works. However, neither of them are really big players of the smartphone industry, and their phones have been flying slightly under the radar.
But ever since Samsung’s Galaxy S10 was rumored to come with blockchain support, industry is abuzz with speculations. There is growing saturation in the smartphone industry, forcing manufacturers to experiment and find new avenues for growth. And blockchain smartphones could be that next big thing.
Samsung is already invested into blockchain and cryptocurrency technologies, and is now planning to expand more. “We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functions,” said Chae Won-cheol, senior managing director of Product Strategy at Samsung’s Wireless Business Division, through a post on Samsung Newsroom for Korea. “We will also expand our service target countries after Korea, the United States and Canada.”
Samsung hasn’t yet specified as to which upcoming devices would support blockchain functions. However, the fact that it’s preparing to expand the services to more Galaxy smartphones is enough evidence that there’s some potential in blockchain smartphones.